Wynn Planning $1.6 Billion Lake Resort on the Las Vegas Strip

April 6, 2016 — 4:47 PM PDTUpdated on April 7, 2016 — 6:54 AM PDT

Wynn Resorts Ltd. is building a lake resort behind its two Las Vegas casinos, creating a place for water-skiing and paddle-boarding just off the desert city’s famous Strip.

The Las Vegas-based company will convert its Tom Fazio-designed Wynn Golf Club into the resort, which will feature a lake and a mile-long boardwalk, founder Steve Wynn said Wednesday in a presentation to investors in Las Vegas. The resort, which is tentatively called Paradise Park, will offer ice cream and a fireworks show every night.

“Just like Disney,” said Wynn, who’s still working on the details and plans to seek approval from his company’s board in September.

Wynn shares rose 10 percent to $98.80 at 9:50 a.m. in New York Thursday, their highest intraday price since August 2015. The stock had gained 29 percent this year through Wednesday’s close.